BP shares fell after $2bn refining write-off warning

BP (LSE:BP) told investors that it expects to report an impairment of up to $2 billion for the second quarter of 2024, mainly due to weak refining margins.

Specifically, the oil and gas major anticipates writedowns relating to the scaling back of operations at its Gelsenkirchen refinery in Germany, which is set to be reduced by a third next year.

Also, BP flagged that its oil trading business is expected to be weak in the second quarter, while the performance of its gas trading business was described as ‘average’.

BP shares fell by 3.7% in London, to trade at 457.15p